A tiny coin accomplished an incredible feat that sounds like a fantasy: it fetched a whopping $506,250 at auction. This astounding amount was attained on October 27 during a virtual auction held by GreatCollections, as stated by the company’s CEO, Ian Russell.It’s remarkable to consider how its value has surged tremendously from its humble start of only 10 cents to an impressive amount nearly five million times greater.
This particular coin was produced in 1975 at the San Francisco Mint and is distinctive for showcasing a likeness of President Franklin Delano Roosevelt.Yet, what makes it truly special is its lack of the “S” mint mark, a clear indication of its origin. With only two of these error coins discovered, they are eagerly sought after by collectors.
The Story Behind the 1975 “No S” Dimes and Why They May Be Worth More Than $500,000
In that particular year, the Mint manufactured over 2.8 million unique proof sets with six shiny coins that had not been in circulation.These collections were purchased for $7 each and were designed for the most devoted enthusiasts. Surprisingly, it was later found out that two dimes from these collections were lacking the “S” mint mark.In 2019, a unique and exceptional “No S” coin was sold at an auction for a staggering $456,000 and eventually purchased by a private collector.
The extraordinary appeal of these coins lies in their scarcity and the intriguing historical significance of the minting mistake.The coin, recently purchased, used to be owned by three sisters from Ohio, passed down to them by their brother. He had stored the coin in a bank vault for more than forty years. Allegedly, back in 1978, the family purchased the coin for $18,200, an amount that would translate to approximately $90,000 in today’s terms. To them, this particular coin held greater significance than just its monetary value; it represented a crucial backup plan for their financial stability in the years to come.
How to identify rare coins and their place of origin
If you ever examined a coin carefully, you may have noticed a small capital letter near the main design.This letter indicates the coin’s origin:”D” for Denver, “P” for Philadelphia,”S” for San Francisco, and “W” for West Point. Exploring a coin’s past can be quite simple.
Nonetheless, locating rare coins such as the 1975 “No S” proof can pose a significant challenge. Russell points out that obtaining another instance of this category is only possible through collections of proofs from that specific year, as they were not distributed for common use as regular coins.
